Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1887-05-30
COMMENT ON COMMERCE..
GOOD NEWS FROM THE REGION OF
WHEAT AND CORN.

The Financial Outlook Not So Resssuring
rForeign Trade Balance on the Wrong
Side The Treasury Surplus and the
Bank Clearings-The Inter-Sta Law
Breaking a Cotton Corner.
New YORK, May 2S-R G. Dun & Co.'S
weekly review of trade says: The most i'm
portant news of the week is also the best
| that crop prospects have decidedly improved.
| In view of the great specuIaJions in wheat
and cotton, and the Use reports carefully cir
culated by interested parties, it is of service
| 10 know that our own agents telegraph from
Wisconsin, Local rains have helped the agri-
cultural DISTRICTS" from Minnesota, "Rains
| throughout the northwest very materially
| improve crop prospects," from Kansas City,
prospects excellent for exceptionally large
| crops; recent copious rains of great benefit"
from New Orleans, "Crop pros poets generally
good :" and these are samples of favorable dis
patches from nearly all quarters. The fear Of
| injury thus far seems satisfactorily removed,
| and if harm to wheat or cotton is to come it
must be from climatic influences III the fut
ure.
| This good news for the whole country is
| disheartening. however, when financial pros
poets have come to depend upon the success
of gigantic speculations for an advance in
prices of products The financial future is
also affected by the large receipts Of the trea-
sury, amounting for ten months and twenty
days to $3I ,6l2 S67 30 more than receipts for
the same part of the previous year At the
| same rate the treasury must take from the
markets large sum every month, after the
| last call for per cent. natures July |, and
| Washing ton dispatches state that the admin
istration will purchase bonds with great re-
| luctance if at all During the past week the
treasury has taken in 81 ,500, 900 more gold
and $500, 600 more curr ency than it has paid
| out, with issues Of silver certificates only
balancing the increase of silver held, and
with only $lab, 900 added TO deposits in banks
| The last statement of New York banks showed
increase OF leans and reserves, because MIR
| Manning's new bank WAS for the first time
included, hui the drain of money to Chicago
to meet the needs Of speculation, still con.
| Times, the return TO that point from the in
terror being retarded hy real estate aud other
activity prevailing.
| Foregn commerce does not improve
| April's imports exceeded exports by SIS, 973-
| g75, an excess equalled in one month Of 1882,
after the partial failure 1T crops, and in no
other month since 1872 New York exports
| in May fall III per cent below those Of last
year. with imports exceeding those Of last
| year by Il per cent, which would fore
shadow an excess Of about Sl4 900 900 in inn
ports this month The prevailing specula-
tions rather than the inter state law cause the
decline in exports, for shipments of grain by
lake and rail are made without regard to 10
cal road rates. The Interstate commission
has not yet revoked its orders of suspension,
but all information tends to the helief that it
| will do So and points Ia rigid enforcement
| of the act Mach complaint is made even
now with the rate for distance rule not
everywhere enforced. Of the transfer of trade
from large to smaller towns, and from east
| ern tn interior cities A great number OF
suits commenced and complaints filed midi
cate that cost Of transportation will he i'll
creased rather than diminished Earnings
are large and encouraging. hut var of Iates
in the northwest results from milling in
transit contracts issued hv the ST. Panl and
other roads, and the composition If Cana
dian and water rontes is felt more severely
every week. The report that the Pennsyl-
vania has undertaken to tunnel the Hudson
is credited in Philadelphia, where the ISSUE
purpose.
Accounts Of trade from, nearly all quarter
are decidedly favorable